Personal loan for a masters degree... good idea?

indigo_star

Hi all,

Right, will try to keep this as brief as possible. I am currently wokring part time and I am am also part time self employed (ESOL teacher and private tutor respectively). My income is about £12000 pa gross ( I only work about 20 hours total per week as I have bi polar affective disorder and have been working towards building up to full time hours again). I want to train as an educational psychologist but need to do a masters conversion course in Psychology. This would involve payment of the course fees and supporting myself somehow. My partner will get work wherever in the country we end up for my studies, but one wage (which won't be very highly paid as he has only GCSEs) won't support us both effectively.

Grants seem like they're only available for 1+3 funding, but my following qualification will not be a research degree and I can apply for funding, competitive though it is, from either the CWDC or Scottish Ed. Dept if I choose to qualify in a Scottish university. I am applying for full time jobs at the moment, but obviously this is not the most fabulous time to be trying to get another job.

I will save my butt off, but it won't be enough. Does anyone know of any funding, grants or whether a personal bank loan will be a good idea (was thinking in the region of 8-10k over 5 years)? Am I just being ridiculous thinking that that is good financial sense?

Thanks and Happy New Year to you all :j

CLAPTON

have you worked out a full realistic budget for the Masters year... what is it?
how do you intend to make repayment of the loan during the masters year
educational psychology is extremely competitive... what subject is your 1st degreee and did you achieve a 1st class honours?
if you don't get funding for the research degree what will you then do and what would youre realistic earnings be

in any event with an income of 12k you are extremely unlikely to get a loan of 8-10k

sadly I think you are being very unrealistic; save up for a couple of years until you can afford it.

cgk1

http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/CareerDevelopmentLoans/DG_10033242

Are govt backed loans specially for this purpose.

lr1277

About 17 years ago, I took a one year postgraduate IT conversion course. I paid for this by getting a postgraduate loan aka career development loan. I did not have to make any payments whilst studying, but started paying back once the course finished (not when I started a job).

Some details here:
http://www.telegraph.co.uk/finance/personalfinance/2807455/Hats-off-to-the-postgraduate-loans.html

Don't know if these loans are still available (and I haven't read the link posted by cgk1), but it is worth investigating.

HTH

cgk1

The link I posted is indeed for a CDL (I had one myself for my Master's degree).

indigo_star

Thanks for you responses. I can't get a CDL as the course it pays for has to lead directly into employment which mine won't. I then have to do a 3 year doctoral degree, CDLs are out for me I'm afraid.

>>educational psychology is extremely competitive... what subject is your 1st degreee and did you achieve a 1st class honours?
if you don't get funding for the research degree what will you then do and what would youre realistic earnings be

My first degree is in Philosophy and Politics, I got a 2:1. I also have a Diploma in Teaching in the Lifelong Sector and several years experience working with children and young people in educational and social care settings. If I don't get funding, then I'll be saving very hard or unfortunately not doing it. I need to be realistic.